| Global retail industry news |  |
- Canadians' cross-border shopping to hit 2-decade high, report says
As much as 10% of Canadian's spending on consumer products is now happening outside the country, as consumers travel to the US in search of lower prices, and cross-border shopping is expected to hit a high this summer as the Canadian dollar remains high and higher duty-free limits go into effect, according to a new report from BMO Nesbitt Burns. "The steady drain of Canadian shoppers heading south is weighing on retail sales in this country," said BMO economist Douglas Porter. The Globe and Mail (Toronto) (16 May.)      - Private showroom caters to Vancouver's wealthiest
At Colton's Personal Couture in Vancouver, invited members will pay $25,000 per year for private shopping excursions in the couture showroom, a fee that includes $7,500 in annual dues and $17,500 in store credit, says owner Howard Colton. "We want one-on-one. And that we should become their fashion confidantes." Canada.com (16 May.)  | What Data Thieves Don’t Want You to Know:
How a multi-layered data security solution, including encryption and tokenization, protects data in transit, in use and at rest. When combined, these two technologies provide a powerful method for securing sensitive data wherever it exists. Get proof here. |
 - Boots chief seeks merger to maximize value
Boots Alliance will seek to merge with a US or Chinese company in the next few years rather than return to the public markets as a way to create the most value, executive chairman Stefano Pessina said Wednesday. The high street chemist chain was taken private when Pessina and private equity firm KKR acquired it for £11 billion in 2007. The Telegraph (London) (17 May.)  | Interactive marketers are feeling the pressure from government to offer clear, transparent privacy regulations for consumers. This free whitepaper, discusses various legislation, such as the EU Cookie Directive, and outlines how marketers must comply while offering a positive and enriching consumer interaction via the new paradigms of consensual targeting. Get the free whitepaper here. |
 - Michael Kors maps aggressive China growth
Michael Kors Holdings plans to double the number of shops it operates in China, Hong Kong, Macau and Taiwan from seven to 15 this year, and plans to open as many as 100 new locations in the next three to five years, CEO John Idol said this week. Bloomberg Businessweek (16 May.)  | How Safe Are You from Retaliating Claims? Easy to establish, these claims are growing, used as a tool for workers seeking monetary rewards. Reduce your risk with the FREE Retaliation Prevention Checklist. Don't wait another day to protect your organization. DOWNLOAD NOW! |
 - Online fashion boutique My-wardrobe takes aim at Asia
My-wardrobe.com has already found success in the UK for its online boutique, and it's now taking aim at the Asia-Pacific region. The company has already gained a presence in Australia and plans to launch in Singapore next, using that market to learn more about Asian consumers' tastes, said founder Sarah Curran. Reuters (16 May.)  | How does your background check process stack up? A recent survey of small businesses shows that 45% of respondents reported discovering a person who was untruthful or misrepresented information. Dare to compare your process to the best practices of employment screening in this free small business spotlight report. |
 | Spotlight on Consumer Electronics |  |  | | - Korean companies vie to buy Hi-Mart
The retail subsidiaries of Korea's SK Group and Lotte Group have both submitted bids to acquire consumer electronics retailer Hi-Mart, launched in 1999 as a sales unit of Daewoo Electronics. The companies are also vying to acquire water- and air-purifier manufacturer Woongjin Coway. "This time of economic downturn could be an opportunity. We need to be more active in the M&A of healthy companies put on the market at low prices," said Lotte chairman Shin Dong-bin. Reuters (15 May.), The Korea Herald (Seoul) (16 May.) - India's Croma extends its reach with e-commerce
Indian consumer electronics retailer Croma's new online retail store has expanded the retailer's reach from the 14 cities where it operates brick-and-mortar stores to 319 cities. The chain says its online efforts will be aimed at reaching more customers and offering convenience and service rather than discounted buying opportunities. Business Standard (India) (14 May.) | NRF News | | | | - How to prepare for Store 3.0
Store 3.0 is already here, and retailers who are leveraging all channels and technologies are in a prime position to grab those essential sales from the highly-connected and savvy consumer. In a session recap from Retail's BIG Show, Deloitte's Alison Kenney Paul shares statistics about the changing retail landscape and how to alter your core brand elements to stay relevant in the coming years and beyond. Read more.
| SmartQuote | | | |  | Live rich, die poor; never make the mistake of doing it the other way 'round."
--Walter Annenberg,
American publisher, philanthropist and diplomat  |
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